The start of a new financial year might not set your cork popping like New Year’s does. But the financial resolutions you make with a clear head in July are far more likely to create a champagne future. So let’s #GetMoving with some smart money habits.

Tip 1: Invest your tax refund for your (future) self

If there’s just one new financial habit you adopt this year, make it this one. Consider redirecting your tax refund into a managed investment before you have a chance to touch it and work towards transforming your financial destiny from a pumpkin into a crystal carriage. No wand required, just a few minutes to set up an online investment account.

Tip 2: On pay day, pay yourself first – you’re worth it

Ask your employer about setting up a salary sacrifice arrangement for your super. You could find, depending on your salary, you may save on tax. Super is a long-term relationship – the more attention you give it, the greater the potential. Then sit back and let compound interest work its magic.

Tip 3: Will you reach your dreams?

Your retirement dream may be lavish; it may be simply to not worry about money, or you may not have even thought about, but it doesn’t hurt to see how you’re tracking. The ASIC Retirement Income calculator will help you determine how much monthly income you’ll need in retirement, show you the progress you’ve made with your current super savings strategy, and suggest what it may take to reach your goal.

Tip 4: Tool up and save

We all know how important it is to track your spending and prepare a budget. But who’s got the time? With so many time-saving financial apps on the market, it’s worth taking a moment to track down the best tools for the job. Check out Track­My­GOALS and Track­MySPEND, two smart new budgeting apps on the government’s MoneySmart1 website. Or try Pock­et­book, another free budgeting tool. They won’t just save you time – if you stick to the plan, they’ll save you money as well.

Tip 5: Be your own boss

Do you dream about turning your passion into a business and kissing your day job goodbye? If your goal is to create income then it pays to be businesslike from the get-go. Set some goals, create a dedicated work space and write a business plan. A good place to start is the government’s guide, How to write a business plan. Pin down your target market and use social media to grow your network. Do a course to plug any skill gaps. And download some online accounting software to keep track of your progress. You could begin your search with Quick­Books and Xero. The fruits of your own labour are always sweetest.

Tip 6: Time is money. Your money

The new financial year could also be your motivation for (finally) seeing a financial planner. They can ask the right questions to get a holistic view of your finances, help you with all the tips above – as well as offering you tailored advice to help you set your financial goals and develop strategies to help you reach them.

Source: BT Wealth

Need more help this financial year?
Call FinCare on 02 9542 4655 or email reception@fincare.com.au today!

The information provided in this article does not constitute specific advice. For further information , you should contact your professional adviser.